The recent decline in the overall market has seriously affected meme coins; Pepe (PEPE) has lost 3.3% of its value in the last 7 days.

While sales by whales continue, some on-chain indicators suggest that PEPE's price may continue to perform weakly.

The number of PEPE wallets that are 'in profit' has decreased by 7%; this indicates that many investors are currently at a loss.

A 5% decrease in large transaction volumes has also been observed. This suggests that the influence of whales on the market is diminishing. Additionally, the MVRV Z score, which has been declining since May and is now at negative levels, measures how many PEPE wallets are at a loss.

The prolonged stay of this metric in negative territory indicates that whales are selling. The sales by whales suggest a change in short-term expectations for the token's rise.

If PEPE bounces off critical support, it could reach the $0.00001300 level.

In the 4-hour charts of PEPE, the $0.00001000 level stands out as the critical support area for the token. If this level is breached, it is anticipated that the price could decline to the $0.00000800 level. On-chain data shows that the decline is gaining momentum, but this level may pave the way for whales to start buying.

On the other hand, if PEPE's price rises above $0.000011, there may be potential for it to rise to around $0.00001300 in the short term. However, the daily short-term exponential moving averages (EMA) are not yet giving a positive signal.

If the 9-day EMA crosses above the 21-day EMA (a 'golden cross'), this may confirm a short-term upward trend.

Additionally, the Relative Strength Index (RSI) crossing above the 14-day average indicates that PEPE may gain positive momentum.

Despite the negative sentiment in the overall market, an increase in market values of meme coins in the Solana ecosystem has been observed.


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